1 00:00:00,080 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:11,960 --> 00:00:15,560 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 3 00:00:15,600 --> 00:00:18,960 Speaker 2: with Paul Sweeney. Join us each day for insight from 4 00:00:18,960 --> 00:00:23,119 Speaker 2: the best in economics, finance, investment, and international relations. You 5 00:00:23,160 --> 00:00:26,520 Speaker 2: can also watch the show live on YouTube. Visit the 6 00:00:26,520 --> 00:00:31,280 Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday 7 00:00:31,280 --> 00:00:34,320 Speaker 2: mornings from seven to ten am Eastern from our global 8 00:00:34,360 --> 00:00:39,000 Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 9 00:00:39,360 --> 00:00:42,920 Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio, 10 00:00:43,080 --> 00:00:47,840 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. From Massachusetts, 11 00:00:47,920 --> 00:00:53,920 Speaker 2: The Charles River, Katie Kaminski joins chief research Strategist Alpha Simplex. Katie, 12 00:00:53,960 --> 00:00:57,160 Speaker 2: if we reaffirmed a bullmarket, you and I are trend based. 13 00:00:57,640 --> 00:01:02,480 Speaker 2: I'm looking at all sorts of percolations. Parabolics, are climate 14 00:01:02,600 --> 00:01:06,000 Speaker 2: exponential moving averages, and the vector's pointing up? 15 00:01:06,200 --> 00:01:07,640 Speaker 3: Do you agree? 16 00:01:08,000 --> 00:01:11,520 Speaker 4: I agree on equities, but I'm still really nervous on. 17 00:01:11,480 --> 00:01:14,360 Speaker 5: The other asset classes, so that I'd say yes and no. 18 00:01:15,440 --> 00:01:19,800 Speaker 6: What's it is not a radio answer? 19 00:01:20,200 --> 00:01:23,440 Speaker 3: You say yes on TV on radio and yes. 20 00:01:23,520 --> 00:01:24,800 Speaker 5: I agree for equities. 21 00:01:24,880 --> 00:01:27,440 Speaker 4: Yes, I mean I think there's still a moderate and 22 00:01:27,560 --> 00:01:32,040 Speaker 4: sort of given what happened last month, signals abated, volatility 23 00:01:32,080 --> 00:01:34,760 Speaker 4: came in and dissipated some of the strength that we 24 00:01:34,800 --> 00:01:37,120 Speaker 4: saw earlier this year, and we're going to continue to 25 00:01:37,160 --> 00:01:40,399 Speaker 4: see some sort of we've seen some recovery, so we're 26 00:01:40,480 --> 00:01:45,160 Speaker 4: some somewhat moderately long you know, long views and equities. 27 00:01:45,640 --> 00:01:47,119 Speaker 5: But when you look. 28 00:01:47,000 --> 00:01:50,360 Speaker 4: At the other asset classes, that's what's been making me nervous. 29 00:01:50,480 --> 00:01:51,880 Speaker 5: Because you've seen. 30 00:01:51,760 --> 00:01:56,279 Speaker 4: Strong fixed income long signals, you've seen short commodity views. 31 00:01:56,320 --> 00:01:59,960 Speaker 5: You're seeing long gold and short. 32 00:02:00,480 --> 00:02:02,800 Speaker 4: The dollar has been under pressure too, so that that's 33 00:02:02,840 --> 00:02:03,800 Speaker 4: a little defensive. 34 00:02:05,160 --> 00:02:07,920 Speaker 6: You mentioned the dollar, Kdie, I mean again, we've seen 35 00:02:08,000 --> 00:02:12,080 Speaker 6: weakness here in the dollar here. I mean I've always 36 00:02:12,120 --> 00:02:15,200 Speaker 6: asked my FX folks here, is there ever a case 37 00:02:15,360 --> 00:02:18,359 Speaker 6: a bear case for the US dollar? Is this a 38 00:02:18,360 --> 00:02:20,639 Speaker 6: bear market for the US dollar or is this just 39 00:02:20,880 --> 00:02:22,240 Speaker 6: some short term trading pressure. 40 00:02:23,320 --> 00:02:25,720 Speaker 5: So I think there is definitely a case right now. 41 00:02:25,760 --> 00:02:29,040 Speaker 4: With monetary policy going in with cuts, that's naturally going 42 00:02:29,080 --> 00:02:31,960 Speaker 4: to put pressure on the dollar. And that's been the 43 00:02:32,040 --> 00:02:34,000 Speaker 4: key theme for the last two or three months, and 44 00:02:34,040 --> 00:02:37,000 Speaker 4: we've seen I'll just be honest, with you. Currencies has 45 00:02:37,040 --> 00:02:40,520 Speaker 4: been the toughest asset class this year to trend because 46 00:02:40,560 --> 00:02:44,440 Speaker 4: the signals have been much more volatile, and so you've 47 00:02:44,440 --> 00:02:46,680 Speaker 4: seen a lot of back and forth, which is not 48 00:02:47,160 --> 00:02:49,760 Speaker 4: you know, has not been an easy trend to trade. 49 00:02:50,080 --> 00:02:55,079 Speaker 4: So the signal noise ratio has been low, but more recently. 50 00:02:54,720 --> 00:02:56,680 Speaker 5: Especially the last two months, definitely with. 51 00:02:56,760 --> 00:02:59,639 Speaker 4: The theme of you know, US cutting rates, that has 52 00:02:59,639 --> 00:03:00,560 Speaker 4: put pressure. 53 00:03:00,320 --> 00:03:01,440 Speaker 7: On the dollar, Katie. 54 00:03:01,480 --> 00:03:06,040 Speaker 2: From a CTA standpoint, people that follow trends, is it 55 00:03:06,080 --> 00:03:09,880 Speaker 2: a good time? Are trends efficacious now? Or is it 56 00:03:10,000 --> 00:03:13,640 Speaker 2: still what the pro say, folks, it's so stochastic that 57 00:03:13,720 --> 00:03:15,840 Speaker 2: you just can't get conviction. 58 00:03:17,720 --> 00:03:20,639 Speaker 4: I think I actually think it's a good time because 59 00:03:20,800 --> 00:03:22,920 Speaker 4: what happens a trend is as we go through a 60 00:03:22,960 --> 00:03:27,360 Speaker 4: period of inflection. So when signals reduce and then pivot 61 00:03:27,960 --> 00:03:32,799 Speaker 4: and you see a positioning move from one theme to another, 62 00:03:33,520 --> 00:03:36,000 Speaker 4: that's when you have this opportunity. 63 00:03:35,360 --> 00:03:36,080 Speaker 5: To break out. 64 00:03:36,400 --> 00:03:39,320 Speaker 4: And so what we've been watching is some of the 65 00:03:39,400 --> 00:03:42,400 Speaker 4: key things that have been building in our signals, and 66 00:03:42,440 --> 00:03:46,400 Speaker 4: that's been a focus on potential for a harder landing, 67 00:03:46,760 --> 00:03:50,480 Speaker 4: potential for economic weakness, and that is seen outside of 68 00:03:50,520 --> 00:03:53,800 Speaker 4: the equity markets, and I think for me, when you 69 00:03:53,840 --> 00:03:57,640 Speaker 4: look at past reversal periods, those other asset classes is 70 00:03:57,680 --> 00:04:01,080 Speaker 4: where you have something to you know, to edge opportunities 71 00:04:01,120 --> 00:04:04,320 Speaker 4: if we should find some difficulties this fall. 72 00:04:04,600 --> 00:04:06,520 Speaker 2: Do you have a belief on gold? I've never asked 73 00:04:06,560 --> 00:04:08,840 Speaker 2: you this, does Katie Kaminski look at gold? I mean, 74 00:04:09,120 --> 00:04:11,360 Speaker 2: what was it, Paul record high yesterday? Where are we 75 00:04:11,840 --> 00:04:15,920 Speaker 2: twenty five? We're almost a twenty six hundred on gold? 76 00:04:16,400 --> 00:04:16,960 Speaker 3: On gold? 77 00:04:17,839 --> 00:04:20,680 Speaker 4: So gold is I mean, it's amazing. I think the 78 00:04:20,760 --> 00:04:24,599 Speaker 4: recent rally may be attributed to the dollar being weaker 79 00:04:25,360 --> 00:04:28,400 Speaker 4: and real rates going down, but you know, really, if 80 00:04:28,440 --> 00:04:30,599 Speaker 4: you look at that trend, it's just, you know, we 81 00:04:30,640 --> 00:04:33,200 Speaker 4: should just be buying gold this year. You know, it's 82 00:04:33,240 --> 00:04:35,880 Speaker 4: it's really it's been very strong and it's been very 83 00:04:35,920 --> 00:04:40,200 Speaker 4: resilient throughout the entire year, So you know, it's the 84 00:04:40,200 --> 00:04:42,760 Speaker 4: one that kind of sticks out versus other commodities that 85 00:04:42,800 --> 00:04:46,080 Speaker 4: are more demand focus, like energies and metals. 86 00:04:46,200 --> 00:04:48,600 Speaker 6: Well, I don't know much about commodities. I'm pretty proud 87 00:04:48,640 --> 00:04:50,159 Speaker 6: of that butt, by the way. But the function I 88 00:04:50,240 --> 00:04:53,200 Speaker 6: do know is BCom b COO and the Bloomer Commodities 89 00:04:53,320 --> 00:04:57,520 Speaker 6: Index and BOIL US down ten percent just over the summer. 90 00:04:57,600 --> 00:04:59,919 Speaker 6: I guessed, I mean, what's that telling you, Katie. 91 00:05:00,920 --> 00:05:04,120 Speaker 4: So that's part of what this defensive narrative that I've 92 00:05:04,160 --> 00:05:06,440 Speaker 4: been concerned about. It feels a little bit like the 93 00:05:06,520 --> 00:05:10,000 Speaker 4: trends right now are hedge. So there's still long equity 94 00:05:10,120 --> 00:05:15,440 Speaker 4: views and trends, but that's coupled with short positioning and commodities. 95 00:05:16,279 --> 00:05:19,320 Speaker 4: What I'm worried about is what happens after cuts next week, 96 00:05:19,480 --> 00:05:21,240 Speaker 4: once we start having cutts. 97 00:05:21,440 --> 00:05:24,400 Speaker 5: Does the market pivot again or do we continue? 98 00:05:24,839 --> 00:05:28,000 Speaker 2: Kay, this has been wonderful. Our theme today, Catherine is 99 00:05:28,720 --> 00:05:31,599 Speaker 2: Notre Dame got they were? They lost, And in my 100 00:05:31,720 --> 00:05:33,080 Speaker 2: agreement with Bloomberg, I. 101 00:05:33,040 --> 00:05:34,640 Speaker 3: Have to talk of Purdue football. 102 00:05:34,760 --> 00:05:37,680 Speaker 2: So today we're looking at like, you know, pro football, 103 00:05:38,120 --> 00:05:41,200 Speaker 2: like what they play out in South Bend and West Lafayette. 104 00:05:41,320 --> 00:05:46,120 Speaker 2: I noticed Katie Kaminski that the fighting Mit Crew they 105 00:05:46,160 --> 00:05:50,279 Speaker 2: beat Bridgewater State Football, and I was looking at Carson 106 00:05:50,320 --> 00:05:51,960 Speaker 2: Phelps of Wichita, Kansas. 107 00:05:52,000 --> 00:05:54,679 Speaker 3: I mean, this kid, Katie, he's a math major. 108 00:05:55,440 --> 00:05:58,920 Speaker 2: He's like he's like real Mit Like, Katie, like, you know, 109 00:05:59,200 --> 00:06:02,680 Speaker 2: this kid never would be in his in his life, Katie. 110 00:06:02,720 --> 00:06:05,159 Speaker 3: Is there a fight song at M I t is 111 00:06:05,160 --> 00:06:07,040 Speaker 3: there a fight song there? 112 00:06:07,040 --> 00:06:10,640 Speaker 4: It actually is, and it's basically a math fight song 113 00:06:11,200 --> 00:06:14,400 Speaker 4: and it has like E to the X pie I 114 00:06:14,440 --> 00:06:15,560 Speaker 4: wish I remembered it. 115 00:06:15,560 --> 00:06:20,800 Speaker 3: But it's got math team go go go k. 116 00:06:21,200 --> 00:06:24,520 Speaker 2: It's a lot of Does does it have oilers function 117 00:06:24,640 --> 00:06:27,000 Speaker 2: in it where the minus one stuck on the right side? 118 00:06:27,839 --> 00:06:30,080 Speaker 5: I think it does. Actually, it's it does. 119 00:06:30,520 --> 00:06:34,200 Speaker 4: It does have to the x y co sign sign 120 00:06:34,360 --> 00:06:35,760 Speaker 4: something like that, but look it up. 121 00:06:35,800 --> 00:06:39,120 Speaker 5: It's really it's it's it's a great math chance. 122 00:06:39,080 --> 00:06:43,160 Speaker 2: Runs Ka Kaminski, Thank you so much from the shores 123 00:06:43,200 --> 00:06:45,400 Speaker 2: of the Charles River, Eve the pie I. 124 00:06:45,600 --> 00:06:46,800 Speaker 3: Or whatever it is. 125 00:06:57,960 --> 00:07:01,440 Speaker 2: It all sorts of different views, starting with Michael Purvis's 126 00:07:01,520 --> 00:07:02,560 Speaker 2: lyft of fifty. 127 00:07:02,240 --> 00:07:04,560 Speaker 3: Eight hundred NSPX this morning. 128 00:07:04,600 --> 00:07:05,280 Speaker 6: But they have the. 129 00:07:05,279 --> 00:07:08,840 Speaker 2: Quant of mathematics, the epsilon, the Greek letters. 130 00:07:08,480 --> 00:07:09,520 Speaker 3: Of Katie Kaminski. 131 00:07:10,400 --> 00:07:13,920 Speaker 2: Let's get real this weekend, over a beverage of your choice. 132 00:07:14,240 --> 00:07:17,040 Speaker 2: Maybe you're at the beach, Maybe you're at a kitchen 133 00:07:17,080 --> 00:07:18,880 Speaker 2: table trying to figure out what to do about the 134 00:07:18,920 --> 00:07:19,720 Speaker 2: rent increase. 135 00:07:20,400 --> 00:07:22,560 Speaker 3: You want to listen to Emily Rowland. 136 00:07:23,000 --> 00:07:26,360 Speaker 2: Co, Chief investment strategists for a small shop up in Boston, 137 00:07:26,560 --> 00:07:28,280 Speaker 2: they have. They have two toes. They have old Johnny 138 00:07:28,240 --> 00:07:32,200 Speaker 2: Hancock and new Johnny Hank. I like, yeah, there's a 139 00:07:32,240 --> 00:07:35,880 Speaker 2: lot of and all that. Emily joins us this morning. Emily, 140 00:07:36,080 --> 00:07:40,560 Speaker 2: you have nailed by quality by America. 141 00:07:41,080 --> 00:07:42,840 Speaker 3: Try to push aside all. 142 00:07:42,680 --> 00:07:47,320 Speaker 2: The noise we've renoised after the first week of August. 143 00:07:47,840 --> 00:07:51,000 Speaker 3: How do you reset for twenty twenty five? 144 00:07:52,480 --> 00:07:55,360 Speaker 8: We continue tom to have our eye on the ball here. 145 00:07:56,040 --> 00:07:59,800 Speaker 8: We are continuing to emphasize high quality stocks. We think 146 00:08:00,080 --> 00:08:03,080 Speaker 8: in this late cycle environment, where the lagged impact of 147 00:08:03,200 --> 00:08:06,800 Speaker 8: FED tightening hasn't tipped us into recession, we continue to 148 00:08:06,880 --> 00:08:10,679 Speaker 8: spend like crazy in the United States. Not a political statement, 149 00:08:10,720 --> 00:08:14,360 Speaker 8: by the way, It's just happening, and that's extending the cycle. 150 00:08:14,440 --> 00:08:16,880 Speaker 8: We want to be careful of reaching too far for risk. 151 00:08:17,000 --> 00:08:19,600 Speaker 8: We want to start even legging into more some more 152 00:08:19,640 --> 00:08:22,640 Speaker 8: defensive parts of the market, and we continue to want 153 00:08:22,640 --> 00:08:26,280 Speaker 8: to embrace the income that's available now in high quality bonds. 154 00:08:26,920 --> 00:08:29,480 Speaker 6: What's the for you guys at State Street? What is 155 00:08:30,040 --> 00:08:32,400 Speaker 6: quality legging into the quality part of the market. What 156 00:08:32,440 --> 00:08:33,320 Speaker 6: does that mean for you guys? 157 00:08:34,080 --> 00:08:36,920 Speaker 8: Yeah, so it's companies with great balance sheets, they have 158 00:08:36,960 --> 00:08:40,280 Speaker 8: a ton of cash, great return on equity. Think about 159 00:08:40,280 --> 00:08:42,960 Speaker 8: a company with the limited need to tap the capital 160 00:08:43,000 --> 00:08:45,280 Speaker 8: markets in order to grow, and with the cost of 161 00:08:45,320 --> 00:08:49,000 Speaker 8: capital still elevated. You know, companies are now contending with 162 00:08:49,120 --> 00:08:52,920 Speaker 8: margin pressure. Revenue growth was awesome during the height of 163 00:08:52,920 --> 00:08:56,360 Speaker 8: that pandemic, as companies could pass those higher prices along. 164 00:08:56,480 --> 00:08:58,920 Speaker 9: Now record revenue growth is slowing. 165 00:08:58,920 --> 00:09:02,079 Speaker 8: Margins are compressed, and the companies that are going to 166 00:09:02,160 --> 00:09:04,800 Speaker 8: do the best are the ones that can defend those margins. 167 00:09:04,800 --> 00:09:07,320 Speaker 8: And we're finding a lot of that in the quality 168 00:09:07,520 --> 00:09:10,719 Speaker 8: factor and most notably in technology. 169 00:09:10,800 --> 00:09:11,160 Speaker 3: Emily. 170 00:09:11,160 --> 00:09:12,920 Speaker 2: It's a way from your remit, but let's keep the 171 00:09:12,920 --> 00:09:15,480 Speaker 2: theme going. I need to have trick right now, and 172 00:09:15,760 --> 00:09:18,280 Speaker 2: that is we had two opinions earlier this week separate 173 00:09:18,320 --> 00:09:25,040 Speaker 2: into screete reaffirming double digit earnings growth. I assume you're there, 174 00:09:25,080 --> 00:09:28,520 Speaker 2: but can you state to us that you see persistency 175 00:09:28,600 --> 00:09:32,160 Speaker 2: of quality margins that lead to double digit earning growth. 176 00:09:33,120 --> 00:09:35,400 Speaker 8: Yeah, I think it's you can find it, but it's 177 00:09:35,400 --> 00:09:37,440 Speaker 8: going to be concentrated. 178 00:09:36,720 --> 00:09:37,880 Speaker 9: In those companies. 179 00:09:38,000 --> 00:09:42,360 Speaker 8: Luckily, the quality factor has concentration in megacap tech, and 180 00:09:42,400 --> 00:09:44,800 Speaker 8: of course those names are dominating the market. 181 00:09:44,880 --> 00:09:46,920 Speaker 9: If you look at earnings growth, just this quarter. 182 00:09:47,400 --> 00:09:50,240 Speaker 8: Half of it was driven by the communications services and 183 00:09:50,320 --> 00:09:53,959 Speaker 8: technology sector. Revenue growth is coming from those areas of 184 00:09:54,000 --> 00:09:55,680 Speaker 8: the market. So as long as you can see that 185 00:09:55,760 --> 00:09:57,480 Speaker 8: holding up, I think you can get there now. 186 00:09:57,559 --> 00:10:01,080 Speaker 9: Tom. The great news is the bar for Q three 187 00:10:01,200 --> 00:10:02,040 Speaker 9: is really low. 188 00:10:02,320 --> 00:10:05,760 Speaker 8: Analysts are penciling in three point eight percent year over 189 00:10:05,880 --> 00:10:08,080 Speaker 8: year earnings ago. So I think we should just enjoy 190 00:10:08,120 --> 00:10:10,439 Speaker 8: it while we can, Like you guys are enjoying the 191 00:10:10,520 --> 00:10:12,440 Speaker 8: Yankees right now, beating the Red soxing. 192 00:10:12,640 --> 00:10:12,959 Speaker 7: Enjoy it. 193 00:10:13,600 --> 00:10:15,640 Speaker 3: Armela, you're killing me. Stop it. 194 00:10:15,720 --> 00:10:17,720 Speaker 9: You know, we might get better. 195 00:10:19,080 --> 00:10:20,000 Speaker 3: I mean you could. 196 00:10:19,800 --> 00:10:22,679 Speaker 2: See from the new John Hancock, if you go up higher, 197 00:10:23,040 --> 00:10:26,559 Speaker 2: you could see the lack of offense. Oh but it's like 198 00:10:26,600 --> 00:10:30,440 Speaker 2: a cloud over Fenwick Park. Paul in Nvidia, Paul, you 199 00:10:30,440 --> 00:10:30,960 Speaker 2: were on this. 200 00:10:31,160 --> 00:10:33,440 Speaker 3: Yeah, so from the peak down twenty one percent, I know. 201 00:10:33,920 --> 00:10:36,760 Speaker 6: And Tim rays a great question, Emily. If you think 202 00:10:36,760 --> 00:10:39,240 Speaker 6: about Nvidia, think about AI. That's been such a driver 203 00:10:39,320 --> 00:10:42,400 Speaker 6: of the stock market performance for the last almost two years. 204 00:10:42,440 --> 00:10:44,040 Speaker 7: Here, if the AI. 205 00:10:43,840 --> 00:10:45,960 Speaker 6: Trade has kind of played out, does that bring some 206 00:10:46,080 --> 00:10:48,080 Speaker 6: risk into the marketplace that we need to account for. 207 00:10:48,920 --> 00:10:50,720 Speaker 9: Yeah, it does because of that concentration. 208 00:10:50,800 --> 00:10:54,000 Speaker 8: And look, we're bumping up on thirty times forward earnings 209 00:10:54,040 --> 00:10:56,800 Speaker 8: for the US technology sector. That's about as high as 210 00:10:56,840 --> 00:10:59,319 Speaker 8: we've gotten over the course of this cycle. Now, of 211 00:10:59,400 --> 00:11:02,200 Speaker 8: course it's not the fifty times forward earnings we saw 212 00:11:02,280 --> 00:11:04,720 Speaker 8: in the late nineteen nineties, but certainly there's been a 213 00:11:04,720 --> 00:11:07,440 Speaker 8: lot of multiple expansion there. The good news is if 214 00:11:07,480 --> 00:11:09,319 Speaker 8: you do the math. You guys seem to be doing 215 00:11:09,320 --> 00:11:11,680 Speaker 8: a lot of math this morning. So let me just 216 00:11:11,720 --> 00:11:14,720 Speaker 8: get in on the party to look at the PE ratio. 217 00:11:14,960 --> 00:11:18,559 Speaker 8: We would focus on the denominator, look at the earnings, 218 00:11:18,600 --> 00:11:20,560 Speaker 8: and you can blame a lot of things for any 219 00:11:20,640 --> 00:11:24,280 Speaker 8: reset in the technology sector, but it's multiple compression. 220 00:11:24,360 --> 00:11:26,400 Speaker 9: It is not earnings. The earnings are there. 221 00:11:26,480 --> 00:11:29,040 Speaker 8: The fundamental case for AI is there. It's just the 222 00:11:29,160 --> 00:11:31,240 Speaker 8: love affair with it is probably. 223 00:11:30,880 --> 00:11:31,439 Speaker 9: A bit extent. 224 00:11:31,760 --> 00:11:37,480 Speaker 2: Paul, in Vidia, fifty six times PE forward PE only 225 00:11:37,559 --> 00:11:41,000 Speaker 2: to January of next year is a forty. 226 00:11:40,760 --> 00:11:43,400 Speaker 6: Two yeah, and it gets to a thirty handle on 227 00:11:43,760 --> 00:11:45,880 Speaker 6: the following year. So this is a company that's earning 228 00:11:45,920 --> 00:11:48,040 Speaker 6: its way into its multiple. That's what the bulls will 229 00:11:48,040 --> 00:11:53,080 Speaker 6: tell you here exactly exactly. So I mean this Federal Reserve, Emily, 230 00:11:53,160 --> 00:11:56,520 Speaker 6: it seems like it's ready to begin a cutting cycle. 231 00:11:56,559 --> 00:11:59,720 Speaker 6: How does that kind of impact how you guys are 232 00:11:59,720 --> 00:12:02,960 Speaker 6: thinking that stocks, bonds, commodities, all that kind of stuff. 233 00:12:03,800 --> 00:12:06,800 Speaker 8: Well, Paul, it comes down to what's already priced in 234 00:12:06,840 --> 00:12:09,360 Speaker 8: to the bond market. You know, the bond market is 235 00:12:09,640 --> 00:12:12,199 Speaker 8: putting pressure on the FED right now because we've got 236 00:12:12,240 --> 00:12:15,840 Speaker 8: five rate cuts priced in for this year. So if 237 00:12:15,880 --> 00:12:19,200 Speaker 8: you start to hear the Fed coming out on next 238 00:12:19,240 --> 00:12:23,040 Speaker 8: Wednesday as even a little bit more hawkish than what's 239 00:12:23,080 --> 00:12:25,320 Speaker 8: already priced in the market, I think you might see 240 00:12:25,320 --> 00:12:28,200 Speaker 8: a repricing there. You'd see bond yields backing up. That 241 00:12:28,280 --> 00:12:30,840 Speaker 8: would likely cause the dollar to appreciate. It would be 242 00:12:30,880 --> 00:12:34,679 Speaker 8: it would put some you know, some pressure on equity markets, 243 00:12:34,760 --> 00:12:37,199 Speaker 8: very likely here. So we've got to hear a more 244 00:12:37,280 --> 00:12:39,720 Speaker 8: dubbish FED just to fit in with what the market 245 00:12:39,760 --> 00:12:41,040 Speaker 8: is already pricing in. 246 00:12:41,320 --> 00:12:42,240 Speaker 3: What are you doing with cash? 247 00:12:42,280 --> 00:12:45,439 Speaker 2: I get thirty seconds cash five percent, it's going to 248 00:12:45,480 --> 00:12:46,920 Speaker 2: be four point ninety nine percent? 249 00:12:46,960 --> 00:12:48,360 Speaker 3: What happens, Emily Roland? 250 00:12:48,559 --> 00:12:51,320 Speaker 8: Yeah, cash is subject to massive reinvestment risk. 251 00:12:51,360 --> 00:12:51,520 Speaker 9: Here. 252 00:12:51,559 --> 00:12:53,559 Speaker 8: We would go out into the belly of the curve, 253 00:12:53,760 --> 00:12:57,560 Speaker 8: lock in higher rates there. The AG is yielding above 254 00:12:57,640 --> 00:13:00,240 Speaker 8: four percent, Still still get it? While you can and 255 00:13:00,600 --> 00:13:02,800 Speaker 8: income income income get paid to wait. 256 00:13:03,200 --> 00:13:05,240 Speaker 3: Emily Rowland, thank you for the brief. Really love it. 257 00:13:05,240 --> 00:13:07,360 Speaker 2: That's what we love to do in surveillance. Folks have 258 00:13:07,440 --> 00:13:10,640 Speaker 2: someone like Katie Kaminski and is doing total Greek letter 259 00:13:10,760 --> 00:13:14,280 Speaker 2: math nerdfest and they go to Emily Rowland, who's talking 260 00:13:14,760 --> 00:13:19,199 Speaker 2: really basic block and tackle believe for the three. 261 00:13:19,080 --> 00:13:32,839 Speaker 3: Year holding pattern, five year holding pattern. It's okay. 262 00:13:32,880 --> 00:13:34,920 Speaker 2: The way it works at Bloomberg, folks is man Deep 263 00:13:34,960 --> 00:13:37,360 Speaker 2: Sing and a Agarana can't be in the same building 264 00:13:37,800 --> 00:13:40,400 Speaker 2: at the same time. So Mandeep Sing's working from ame 265 00:13:40,760 --> 00:13:43,920 Speaker 2: legit because an Igarana darkened the door of our world. 266 00:13:43,640 --> 00:13:45,160 Speaker 3: Headquarters here in New York. 267 00:13:45,200 --> 00:13:47,680 Speaker 2: Use me based out of Chicago to say he see 268 00:13:47,800 --> 00:13:50,520 Speaker 2: the tech analyst barely describes it the oracle. 269 00:13:51,160 --> 00:13:54,560 Speaker 3: I'm looking at the phone service now. Good things come 270 00:13:54,559 --> 00:13:55,439 Speaker 3: to those who wait. 271 00:13:55,559 --> 00:13:58,680 Speaker 2: Demand is high right now, Please hang tight in this 272 00:13:58,840 --> 00:13:59,959 Speaker 2: waiting room. 273 00:14:00,040 --> 00:14:01,080 Speaker 3: When it's your turn. 274 00:14:00,920 --> 00:14:04,200 Speaker 2: To shop, we'll redirect you automatically. 275 00:14:04,440 --> 00:14:06,520 Speaker 3: Does everybody need a new iPhone this morning? 276 00:14:07,400 --> 00:14:09,520 Speaker 10: It happens a lot the first day when it goes 277 00:14:09,559 --> 00:14:11,680 Speaker 10: to up sales. I've been waiting for the last few 278 00:14:11,720 --> 00:14:14,280 Speaker 10: hours for them to open orders. Which started it at 279 00:14:14,320 --> 00:14:17,160 Speaker 10: eight am Eastern time, and I honestly, in the fifteen 280 00:14:17,200 --> 00:14:19,320 Speaker 10: minutes I was able to get through. I'll pick it 281 00:14:19,400 --> 00:14:21,320 Speaker 10: up next Friday. I'm very happy about it. 282 00:14:21,480 --> 00:14:25,560 Speaker 2: How much memory should we get in our phone? You're 283 00:14:25,560 --> 00:14:29,120 Speaker 2: a pro, You're downloadtle secret files and all that. Now 284 00:14:29,240 --> 00:14:30,840 Speaker 2: much in our iPhone sixteen? 285 00:14:31,080 --> 00:14:33,320 Speaker 10: I go with the basic because I have the premium 286 00:14:33,360 --> 00:14:36,000 Speaker 10: iCloud prep plan, so it doesn't matter to me. 287 00:14:36,640 --> 00:14:37,880 Speaker 6: So what am I getting again? 288 00:14:38,480 --> 00:14:39,440 Speaker 3: The sixteen pro? 289 00:14:39,560 --> 00:14:39,880 Speaker 1: Okay? 290 00:14:39,880 --> 00:14:41,880 Speaker 6: Thank you? So hon Rock, he's got a day job 291 00:14:41,920 --> 00:14:43,280 Speaker 6: being like the tech gurul for Bloomberg. 292 00:14:43,600 --> 00:14:44,520 Speaker 3: We on a side job. 293 00:14:44,920 --> 00:14:47,040 Speaker 6: Is my personal iPhone shop? Right, Just get my credit 294 00:14:47,080 --> 00:14:47,520 Speaker 6: card and he goes. 295 00:14:47,760 --> 00:14:49,760 Speaker 2: So you may have the iclouds so you don't have 296 00:14:49,800 --> 00:14:52,760 Speaker 2: to spend up for all that RAM. Yeah, Like if 297 00:14:52,800 --> 00:14:55,120 Speaker 2: I want to get the complete season of Slow Horses 298 00:14:55,160 --> 00:14:57,480 Speaker 2: on there, all four seasons, I'm not going to use 299 00:14:57,560 --> 00:14:58,760 Speaker 2: up all the RAM and the phone. 300 00:14:58,880 --> 00:15:01,960 Speaker 10: Now, you I have never in the last fifteen years, 301 00:15:01,960 --> 00:15:05,560 Speaker 10: I've never seen any storage issues. You go with the 302 00:15:05,600 --> 00:15:07,800 Speaker 10: basic model, it's not a problem. But you want to 303 00:15:07,800 --> 00:15:10,960 Speaker 10: get the iCloud premium plan so that you're not looking 304 00:15:11,000 --> 00:15:12,960 Speaker 10: at things at LISTA do you have the iCloud. 305 00:15:13,960 --> 00:15:16,200 Speaker 1: But here's the thing, I'm paying these extra dollar ninety 306 00:15:16,240 --> 00:15:18,400 Speaker 1: nine to ninety nine a month for all this extra 307 00:15:18,480 --> 00:15:20,880 Speaker 1: extra storage. Did I do it the wrong way? And 308 00:15:21,160 --> 00:15:23,120 Speaker 1: was I supposed to go your way? 309 00:15:23,960 --> 00:15:24,120 Speaker 8: No? 310 00:15:24,120 --> 00:15:25,960 Speaker 6: No, he's my personal iPhone real. 311 00:15:26,200 --> 00:15:29,760 Speaker 10: So when you really buy a I don't know, a 312 00:15:29,840 --> 00:15:31,920 Speaker 10: Rolls Royce, you don't worry about like you know the 313 00:15:31,960 --> 00:15:34,040 Speaker 10: price of oil and these things. So I really don't 314 00:15:34,080 --> 00:15:37,040 Speaker 10: like you need to get the premium plans for these 315 00:15:37,040 --> 00:15:39,760 Speaker 10: things to just work seamlessly. You don't want any headache, 316 00:15:39,800 --> 00:15:42,360 Speaker 10: you don't want any time anything not sinking properly. 317 00:15:42,760 --> 00:15:46,680 Speaker 2: So some of this intelligent conversation, this is the most 318 00:15:46,720 --> 00:15:49,120 Speaker 2: important conversation we've had today. 319 00:15:49,400 --> 00:15:52,880 Speaker 3: With the phrase a I. Where does this. 320 00:15:53,000 --> 00:15:56,560 Speaker 2: Madness fit in to your day job? The future of 321 00:15:56,600 --> 00:15:58,080 Speaker 2: this AI world. 322 00:15:58,200 --> 00:15:59,840 Speaker 10: So one of the things that we have said that 323 00:16:00,040 --> 00:16:02,560 Speaker 10: when you look at Apple, it has probably the most 324 00:16:03,000 --> 00:16:06,440 Speaker 10: valuable distribution arm of any kind of device at this 325 00:16:06,520 --> 00:16:09,600 Speaker 10: point because it's usually very rich people who would own 326 00:16:09,800 --> 00:16:13,880 Speaker 10: this particular product. Over the next two years, we will 327 00:16:13,880 --> 00:16:17,000 Speaker 10: see a lot of AI applications come in and you 328 00:16:17,040 --> 00:16:19,520 Speaker 10: would need a phone like an iPhone sixteen for those 329 00:16:19,520 --> 00:16:22,320 Speaker 10: to run. You may not want to upgrade this year, 330 00:16:22,360 --> 00:16:24,720 Speaker 10: maybe you will upgrade it next year, but within the 331 00:16:24,720 --> 00:16:26,920 Speaker 10: next two years we will see a lot of phones 332 00:16:26,960 --> 00:16:29,800 Speaker 10: being refreshed. We think it's a little more biased towards 333 00:16:29,800 --> 00:16:31,720 Speaker 10: next year because the phone model is going to be 334 00:16:32,120 --> 00:16:34,360 Speaker 10: a lot different than this one, which is very much 335 00:16:34,400 --> 00:16:36,920 Speaker 10: like the last year's model. But the next two years 336 00:16:36,920 --> 00:16:40,720 Speaker 10: are really good for this entire iPhone family. 337 00:16:41,560 --> 00:16:44,680 Speaker 6: So talk to us about what's going on. If I 338 00:16:44,720 --> 00:16:47,080 Speaker 6: want to get exposure to AI. I mean, Tom's own 339 00:16:47,200 --> 00:16:49,880 Speaker 6: in Nvidia since day one, so he's fine. But for 340 00:16:49,880 --> 00:16:51,520 Speaker 6: the rest of us, we want to get exposure to 341 00:16:51,920 --> 00:16:55,040 Speaker 6: AI in a software space because I like the software space. 342 00:16:55,080 --> 00:16:57,040 Speaker 6: I'll add the recurring revenue that you've always taught us 343 00:16:57,080 --> 00:16:58,840 Speaker 6: about where do we go in software? 344 00:16:58,920 --> 00:16:59,960 Speaker 7: For AI experts? 345 00:17:00,240 --> 00:17:02,360 Speaker 10: You know, we think it is still the biggest cloud 346 00:17:02,360 --> 00:17:05,560 Speaker 10: players because you are not going to see companies do 347 00:17:05,640 --> 00:17:08,280 Speaker 10: a lot of this in house. They will be using 348 00:17:08,520 --> 00:17:14,160 Speaker 10: either Microsoft, Open Eye Relationship, Amazon and Thropic Relationship. Oracles 349 00:17:14,200 --> 00:17:17,439 Speaker 10: also benefiting because it's getting the bypass of all of 350 00:17:17,480 --> 00:17:20,719 Speaker 10: these companies. Google has Google and Gemini, so it is 351 00:17:20,800 --> 00:17:23,280 Speaker 10: all of these big companies, And I mean as much 352 00:17:23,320 --> 00:17:26,080 Speaker 10: as you dislike, But these big companies are only going 353 00:17:26,160 --> 00:17:29,040 Speaker 10: to get bigger over the next five years, much bigger. 354 00:17:29,560 --> 00:17:30,000 Speaker 7: How about this? 355 00:17:30,200 --> 00:17:32,080 Speaker 6: I guess one of the issues with AI just come 356 00:17:32,080 --> 00:17:34,879 Speaker 6: into the marketplace maybe over the last three to six months, 357 00:17:34,880 --> 00:17:38,919 Speaker 6: is Okay, we've got through the efuria of people spending 358 00:17:38,960 --> 00:17:40,760 Speaker 6: money on A and getting exposured to AA and that 359 00:17:40,840 --> 00:17:42,720 Speaker 6: drove and Vidi and drove a lot of other companies. 360 00:17:43,000 --> 00:17:45,639 Speaker 6: Now the discussion has become wa, wa, whooh, what's my 361 00:17:45,680 --> 00:17:46,760 Speaker 6: return on this investment? 362 00:17:46,760 --> 00:17:48,480 Speaker 7: Again? What's the how do you? 363 00:17:48,560 --> 00:17:48,879 Speaker 1: How's that? 364 00:17:48,920 --> 00:17:49,800 Speaker 6: What's that discussion go? 365 00:17:49,960 --> 00:17:50,040 Speaker 2: Like? 366 00:17:50,280 --> 00:17:52,239 Speaker 10: So when you look at somebody like an Nvidia, they 367 00:17:52,280 --> 00:17:55,480 Speaker 10: are all these cloud players are buying chips from that 368 00:17:55,600 --> 00:17:58,240 Speaker 10: something over like forty percent of the chips are bought 369 00:17:58,240 --> 00:18:00,720 Speaker 10: by the cloud providers. The cloud white is are then 370 00:18:00,840 --> 00:18:03,800 Speaker 10: going to companies. They're going to healthcare companies, banks and 371 00:18:03,840 --> 00:18:06,560 Speaker 10: saying will help you develop an AI chat, bought an 372 00:18:06,600 --> 00:18:10,439 Speaker 10: AI application that would help you drive productivity. 373 00:18:10,200 --> 00:18:13,440 Speaker 2: Barclays with a brilliant report, just like the serious work 374 00:18:13,480 --> 00:18:17,760 Speaker 2: you're doing in a Bloomberg intelligence on the electrical usage 375 00:18:17,880 --> 00:18:22,040 Speaker 2: the electricity utility build out. To make a long story short, folks, 376 00:18:22,040 --> 00:18:24,240 Speaker 2: in three cups of coffee. It's going to be at 377 00:18:24,359 --> 00:18:28,000 Speaker 2: least nine percent of the nation's electricity. A sentence from 378 00:18:28,000 --> 00:18:32,920 Speaker 2: Barclays Northern Virginia Good Morning ninety nine one FM, which 379 00:18:32,960 --> 00:18:39,040 Speaker 2: currently accounts for over twenty percent of US data center capacity. 380 00:18:40,000 --> 00:18:45,199 Speaker 2: Can we build out the electrical need responsibly and appropriately 381 00:18:45,480 --> 00:18:48,880 Speaker 2: without Lisa Matteo's utility bill going to the moon? 382 00:18:49,320 --> 00:18:51,000 Speaker 10: I think that is going to be the single most 383 00:18:51,000 --> 00:18:53,480 Speaker 10: important thing, the capacity to run a lot of these 384 00:18:53,480 --> 00:18:56,800 Speaker 10: AI applications. My call it omit just did a very 385 00:18:56,840 --> 00:19:02,760 Speaker 10: brilliant podcast on tech disruptors for Schneider Electric CEO. Highly 386 00:19:02,800 --> 00:19:05,520 Speaker 10: recommend people listening to it. It was phenomenal in the 387 00:19:05,560 --> 00:19:10,320 Speaker 10: way the world's energy needs or electric needs electrification is improving, 388 00:19:10,640 --> 00:19:12,640 Speaker 10: and how much they are doing. 389 00:19:12,440 --> 00:19:15,600 Speaker 2: To solve the drownouts in Texas. So the Texas has 390 00:19:15,640 --> 00:19:20,320 Speaker 2: got their whacko utility structure. I mean when John Tucker 391 00:19:20,480 --> 00:19:23,920 Speaker 2: logs on in the Lincoln Tunnel Staten Island dims, are 392 00:19:23,960 --> 00:19:24,720 Speaker 2: we ready for this? 393 00:19:24,800 --> 00:19:25,360 Speaker 3: Santa Rock? 394 00:19:25,880 --> 00:19:28,280 Speaker 10: I think money will need to be spent at a 395 00:19:28,280 --> 00:19:31,600 Speaker 10: federal level to help the cause because transmission lines are 396 00:19:31,600 --> 00:19:35,399 Speaker 10: not there. The electricity generation needs to be there. Nobody 397 00:19:35,400 --> 00:19:37,080 Speaker 10: wants to build the nuclear plants the Center. 398 00:19:37,119 --> 00:19:40,160 Speaker 2: Warren at the Commonwealth of Massachusetts and a few other 399 00:19:40,240 --> 00:19:43,000 Speaker 2: Republicans are going to say, you guys are making all 400 00:19:43,000 --> 00:19:47,280 Speaker 2: the money, you build the capacity. Why shouldn't Microsoft and 401 00:19:47,320 --> 00:19:50,119 Speaker 2: their brethren build out the electrical capacity. 402 00:19:50,280 --> 00:19:52,800 Speaker 10: Bill gets very big on nuclear plants. If they allow him, 403 00:19:53,080 --> 00:19:55,560 Speaker 10: I am sure he won't have a problem building one. 404 00:19:55,920 --> 00:19:58,680 Speaker 10: But you know the country is not ready to build 405 00:19:58,760 --> 00:19:59,880 Speaker 10: nuclear plants anywhere. 406 00:20:00,560 --> 00:20:02,439 Speaker 6: And you mentioned this, Tom. It's a great topic here 407 00:20:02,440 --> 00:20:05,280 Speaker 6: about a derivative top about AI and the energy demand. 408 00:20:05,480 --> 00:20:09,280 Speaker 6: Bloomberg Intelligence has a forty page deep dive AI driven 409 00:20:09,440 --> 00:20:14,280 Speaker 6: energy demand outlook, solar gas and batteries, race to power, 410 00:20:14,320 --> 00:20:15,000 Speaker 6: AI revolutions. 411 00:20:15,040 --> 00:20:16,240 Speaker 3: What's the sum of that inner ruck? 412 00:20:16,359 --> 00:20:19,880 Speaker 10: Wow, it's the etsy at the end of the day, 413 00:20:19,920 --> 00:20:22,720 Speaker 10: that remains one of the biggest bottlenecks for US, both 414 00:20:22,800 --> 00:20:26,159 Speaker 10: the GPUs shortage as well as electricity and power. And 415 00:20:26,200 --> 00:20:28,760 Speaker 10: I think that's I'll tell you one thing. I go 416 00:20:28,840 --> 00:20:31,439 Speaker 10: back two thousand and eight nine. Everyone is talking about 417 00:20:31,600 --> 00:20:33,600 Speaker 10: how the world is going to run out of oil 418 00:20:33,720 --> 00:20:37,240 Speaker 10: and everything in the next two years. The US capitalists 419 00:20:37,240 --> 00:20:40,479 Speaker 10: figured out how to do fracking. I'm very confident we 420 00:20:40,520 --> 00:20:42,359 Speaker 10: will figure something out in the next three to five 421 00:20:42,440 --> 00:20:45,360 Speaker 10: years that's going to help us with this shortage and electricity. 422 00:20:45,400 --> 00:20:48,120 Speaker 2: Okay, can you call Journal's year up and figure out 423 00:20:48,119 --> 00:20:50,560 Speaker 2: what to do here? I got to order. You know, 424 00:20:50,680 --> 00:20:53,800 Speaker 2: vet Bill had a tantrum last night, almost big canalty. 425 00:20:54,040 --> 00:20:56,520 Speaker 2: I know vet Bill needs a new sixteen Promax. 426 00:20:57,200 --> 00:20:59,760 Speaker 6: You know, Well, you're getting ears and a watch next week, right, 427 00:21:00,200 --> 00:21:02,080 Speaker 6: so you're doing your which watch? 428 00:21:02,160 --> 00:21:06,639 Speaker 10: You get the pro with the what is the ultra 429 00:21:06,760 --> 00:21:10,520 Speaker 10: to the black with the titaniums shiny one? 430 00:21:10,560 --> 00:21:11,480 Speaker 7: Does it even tell time? 431 00:21:12,040 --> 00:21:14,800 Speaker 10: I actually have never used one of those watches, but 432 00:21:15,040 --> 00:21:16,760 Speaker 10: this is the first time I'm going to experiment with 433 00:21:17,040 --> 00:21:17,680 Speaker 10: the bigger one. 434 00:21:18,000 --> 00:21:18,359 Speaker 7: Jesus. 435 00:21:19,160 --> 00:21:23,199 Speaker 3: Okay, what do I mean? You don't see? How do 436 00:21:23,280 --> 00:21:29,199 Speaker 3: you respond? Anerog rana to the gloom? The breath of gloom? 437 00:21:29,520 --> 00:21:30,639 Speaker 3: Right now? On AI. 438 00:21:31,560 --> 00:21:34,680 Speaker 10: It's healthy, right, it is always healthy. We went through 439 00:21:34,760 --> 00:21:37,440 Speaker 10: the same thing and the Internet bubbled when we had 440 00:21:37,480 --> 00:21:41,160 Speaker 10: the two thousand crash, and after that three years nothing happened. 441 00:21:41,480 --> 00:21:44,000 Speaker 10: But Internet is still so much bigger, So we're going 442 00:21:44,040 --> 00:21:47,080 Speaker 10: to go through massive amounts of ups and downs in 443 00:21:47,160 --> 00:21:49,760 Speaker 10: the stocks going moving up and down. But I think 444 00:21:49,760 --> 00:21:50,960 Speaker 10: the buildout is real. 445 00:21:50,920 --> 00:21:54,560 Speaker 2: The market lifted when interrugrs is great, Rana with This 446 00:21:54,680 --> 00:21:56,240 Speaker 2: is Bloomberger Intelligence. 447 00:21:56,240 --> 00:22:09,919 Speaker 3: For those in the terminal, go to Bloomberg Intelligence. Good morning, 448 00:22:09,920 --> 00:22:10,520 Speaker 3: if you won the day. 449 00:22:10,520 --> 00:22:12,879 Speaker 2: To look at the front page, it's a Lisa Matteo 450 00:22:13,200 --> 00:22:14,679 Speaker 2: our Lisa, what do you have? 451 00:22:14,800 --> 00:22:15,119 Speaker 7: All right? 452 00:22:15,119 --> 00:22:17,600 Speaker 1: So we report on business here, but we also report 453 00:22:17,600 --> 00:22:20,080 Speaker 1: on politics. We talk about politics here. There's a new 454 00:22:20,119 --> 00:22:22,959 Speaker 1: poll out from the Associated Press that says, well, Americans, 455 00:22:23,200 --> 00:22:26,200 Speaker 1: they're getting some political fittigum, so some of them want 456 00:22:26,200 --> 00:22:28,240 Speaker 1: to tune off a little bit. So they're saying about 457 00:22:28,240 --> 00:22:32,200 Speaker 1: half Americans say they do follow political news extremely very closely, 458 00:22:32,440 --> 00:22:34,280 Speaker 1: but six and ten said they have to limit it 459 00:22:34,280 --> 00:22:37,560 Speaker 1: how much information they consume because they feel a bit overloaded. 460 00:22:38,240 --> 00:22:39,919 Speaker 1: There's a lot of information, right you get it on 461 00:22:39,960 --> 00:22:42,640 Speaker 1: your phone, you can see it on social media. People 462 00:22:42,640 --> 00:22:44,760 Speaker 1: are saying they're having a hard time figuring out what's 463 00:22:45,760 --> 00:22:46,280 Speaker 1: not true. 464 00:22:46,480 --> 00:22:49,240 Speaker 3: On the debate, they have like sixty some million people 465 00:22:49,280 --> 00:22:51,240 Speaker 3: tuned in more than Biden drunk. 466 00:22:51,359 --> 00:22:54,560 Speaker 6: I kind of like this short little season that we're having. 467 00:22:54,560 --> 00:22:58,359 Speaker 6: Now love it elections like a snap election exactly, we 468 00:22:58,400 --> 00:22:58,919 Speaker 6: should do this. 469 00:22:59,080 --> 00:23:00,040 Speaker 3: I like this that's working on. 470 00:23:00,160 --> 00:23:02,040 Speaker 1: But it's a break down, like women more likely to 471 00:23:02,040 --> 00:23:03,879 Speaker 1: feel that they need to limit it more than men. 472 00:23:04,440 --> 00:23:06,439 Speaker 1: So that's the difference there. But yeah, a little bit 473 00:23:06,440 --> 00:23:07,720 Speaker 1: of political fatigue. 474 00:23:07,920 --> 00:23:08,520 Speaker 7: They're allowed. 475 00:23:08,600 --> 00:23:10,240 Speaker 1: Yes, we're not in the Swing States. 476 00:23:10,119 --> 00:23:13,399 Speaker 6: So we're not in a city because every single ad 477 00:23:13,520 --> 00:23:15,159 Speaker 6: on ever, it just there is. 478 00:23:15,240 --> 00:23:16,320 Speaker 1: Yeah, it's everywhere. 479 00:23:16,359 --> 00:23:16,520 Speaker 3: Yeap. 480 00:23:17,080 --> 00:23:19,720 Speaker 1: Next, prep schools. I know you love education, So prep 481 00:23:19,760 --> 00:23:22,440 Speaker 1: schools not just for the elite. The Wall Street Journal 482 00:23:22,520 --> 00:23:24,679 Speaker 1: is saying that more are offering free rides for the 483 00:23:24,720 --> 00:23:28,159 Speaker 1: middle class. So the latest example Deerfield Academy, it's a 484 00:23:28,160 --> 00:23:30,960 Speaker 1: Massachusetts boarding school. Yep, it's going to start giving a 485 00:23:30,960 --> 00:23:34,160 Speaker 1: free ride to any admitted student whose family earns less 486 00:23:34,160 --> 00:23:36,359 Speaker 1: than one hundred and fifty thousand dollars a year. The 487 00:23:36,359 --> 00:23:39,400 Speaker 1: school costs seventy five thousand dollars a year, forty eight 488 00:23:39,440 --> 00:23:42,879 Speaker 1: students paying nothing to attend so far. Wall Street Journal 489 00:23:42,920 --> 00:23:46,280 Speaker 1: says recruiting diverse students, it really helps get them access 490 00:23:46,280 --> 00:23:48,679 Speaker 1: to academic athletic programs to help them get to those 491 00:23:48,720 --> 00:23:52,200 Speaker 1: elite colleges, and it also helps the wealthier students get 492 00:23:52,200 --> 00:23:55,040 Speaker 1: exposure to people of different backgrounds as well. But there's 493 00:23:55,320 --> 00:23:57,359 Speaker 1: other schools that have been doing it for years you 494 00:23:57,400 --> 00:24:00,320 Speaker 1: have in New Hampshire Phillips Academy in New hamp Sure 495 00:24:00,520 --> 00:24:03,280 Speaker 1: and also Grotten School and in Massachusetts that has a 496 00:24:03,320 --> 00:24:04,960 Speaker 1: cap of about eighty thousand dollars. 497 00:24:05,040 --> 00:24:06,840 Speaker 7: So more elite schools are starting to do that. 498 00:24:06,920 --> 00:24:09,639 Speaker 2: These are the elite elite schools, and the question is 499 00:24:09,680 --> 00:24:13,080 Speaker 2: down the food chain do they have a luxury to 500 00:24:13,080 --> 00:24:16,280 Speaker 2: do that and they maybe don't have the allowments. 501 00:24:15,680 --> 00:24:19,800 Speaker 6: Of exactly right time, it's all about the Lawrenceville and Lawrenshall. 502 00:24:19,840 --> 00:24:21,800 Speaker 6: We have a seven hundred million dollars dowmon at Larncell, 503 00:24:21,880 --> 00:24:25,200 Speaker 6: so they're able to be very helpful to a lot 504 00:24:25,200 --> 00:24:25,680 Speaker 6: of families. 505 00:24:25,680 --> 00:24:28,320 Speaker 3: So we'll have to see what's a challenge next week. 506 00:24:28,560 --> 00:24:30,920 Speaker 1: Continuing with education. Okay, so we heard about the Wall 507 00:24:30,960 --> 00:24:32,760 Speaker 1: Street Journal's top Colleges. 508 00:24:32,359 --> 00:24:34,320 Speaker 3: List, right it's about after Thoughts grades. 509 00:24:34,400 --> 00:24:38,240 Speaker 1: We heard after thought might like this list. I'm not sure, 510 00:24:38,359 --> 00:24:43,280 Speaker 1: but this is the school about the best party colleges. Oh, 511 00:24:43,280 --> 00:24:48,600 Speaker 1: thank you, Lisa, Are you taking notes? Where's Rutgers? Where's Rutgers? 512 00:24:48,800 --> 00:24:51,720 Speaker 1: Rutgers is not on the list, unfortunately. Who do you 513 00:24:51,760 --> 00:24:52,480 Speaker 1: think is number one? 514 00:24:52,520 --> 00:24:52,800 Speaker 7: Okay? 515 00:24:52,880 --> 00:24:54,600 Speaker 1: Most of them in the South and the Midwest, they 516 00:24:54,600 --> 00:24:57,119 Speaker 1: hold those top four come on come. 517 00:24:56,960 --> 00:25:04,480 Speaker 6: Onshill Lane to Charlotte, New Orleans and Ian Bremmer. 518 00:25:04,720 --> 00:25:07,000 Speaker 3: Good morning from Party School, Norland. 519 00:25:07,600 --> 00:25:11,080 Speaker 1: Number one party school according to the Wall Street Journal. 520 00:25:11,480 --> 00:25:13,359 Speaker 1: Number two University of Dayton. 521 00:25:13,359 --> 00:25:14,200 Speaker 7: They're actually one. 522 00:25:14,119 --> 00:25:17,000 Speaker 1: Of two schools in Ohios that made the top ten. 523 00:25:17,720 --> 00:25:20,560 Speaker 1: Another private school. When you get to public schools. Number 524 00:25:20,600 --> 00:25:23,480 Speaker 1: three Florida State University. 525 00:25:23,800 --> 00:25:25,080 Speaker 3: We're talking, it's on. 526 00:25:24,960 --> 00:25:25,920 Speaker 1: My daughter's list. 527 00:25:25,960 --> 00:25:30,000 Speaker 7: I don't know about that. I'm crossing it off, crossing 528 00:25:30,040 --> 00:25:30,360 Speaker 7: it up. 529 00:25:30,680 --> 00:25:33,520 Speaker 1: But they did. They surveyed a lot of kids. They 530 00:25:33,560 --> 00:25:36,760 Speaker 1: asked them about student life, career prep, classroom souting halls, 531 00:25:36,800 --> 00:25:38,600 Speaker 1: but they also asked them about the party scene. 532 00:25:38,640 --> 00:25:40,719 Speaker 7: So if you want to know about Tulane, here it is. 533 00:25:41,080 --> 00:25:43,280 Speaker 1: Two out of every three students said that they can 534 00:25:43,320 --> 00:25:45,399 Speaker 1: find a party on campus. 535 00:25:45,359 --> 00:25:47,399 Speaker 7: Five or more nights of the week. 536 00:25:47,680 --> 00:25:51,000 Speaker 1: If they looked, forty percent said that it was true 537 00:25:51,320 --> 00:25:52,280 Speaker 1: seven nights a week. 538 00:25:52,440 --> 00:25:54,240 Speaker 10: Wow school on. 539 00:25:54,160 --> 00:25:56,680 Speaker 6: The Listen, it's parennially on the list. From mister Tom 540 00:25:56,760 --> 00:25:59,640 Speaker 6: Keane University of Colorado at bord. 541 00:26:00,920 --> 00:26:05,000 Speaker 1: I'm shut and my son's alma mater as well. 542 00:26:05,160 --> 00:26:07,880 Speaker 2: Bolder collars, a brass plaque at the sink and we'll 543 00:26:07,960 --> 00:26:08,320 Speaker 2: leave it. 544 00:26:08,400 --> 00:26:09,920 Speaker 1: Yeah, you have one. 545 00:26:09,760 --> 00:26:12,680 Speaker 7: More for us. I do this is a record. 546 00:26:12,760 --> 00:26:17,119 Speaker 1: Okay, an American woman has cycled around the world. 547 00:26:17,440 --> 00:26:19,720 Speaker 7: The people, okay, and you're one of them. 548 00:26:19,800 --> 00:26:21,680 Speaker 1: You do need planes though, because you know you take 549 00:26:21,680 --> 00:26:22,639 Speaker 1: your bike, you need the planes. 550 00:26:22,640 --> 00:26:24,560 Speaker 7: Okay, let's be open about that. 551 00:26:24,920 --> 00:26:28,520 Speaker 1: Eighteen thousand miles around the world. She's thirty eight years old. 552 00:26:28,600 --> 00:26:31,600 Speaker 1: Lale Wilcox. One hundred and eight days. That's what it 553 00:26:31,600 --> 00:26:34,320 Speaker 1: took her to do it. But Guinness laid out these rules. 554 00:26:34,359 --> 00:26:36,760 Speaker 1: So basically, she hopped on her bike in Chicago and 555 00:26:36,800 --> 00:26:40,000 Speaker 1: May she rode east to New York, flew to Portugal, 556 00:26:40,080 --> 00:26:43,200 Speaker 1: crossed over to Europe, then traveled to Australia, New Zealand 557 00:26:43,240 --> 00:26:47,119 Speaker 1: finished with a ride from Anchorage, Alaska, back to Chicago 558 00:26:47,359 --> 00:26:48,280 Speaker 1: on Wednesday. 559 00:26:48,480 --> 00:26:50,040 Speaker 7: I can't believe she did all this. 560 00:26:50,480 --> 00:26:52,720 Speaker 1: She did have a lot of people though, going along 561 00:26:52,720 --> 00:26:54,880 Speaker 1: with her because she was posting on social media where 562 00:26:54,880 --> 00:26:56,960 Speaker 1: they were going and they joined in. 563 00:26:57,080 --> 00:27:01,000 Speaker 2: So Lisa Matello with the news today. Thank you, Lisamtez. 564 00:27:01,200 --> 00:27:04,400 Speaker 2: This is the Bloomberg Surveillance podcast, bringing you the best 565 00:27:04,400 --> 00:27:09,200 Speaker 2: in economics, finance, investment, and international relations. You can also 566 00:27:09,280 --> 00:27:13,320 Speaker 2: watch the show live on YouTube. Visit the Bloomberg podcast 567 00:27:13,440 --> 00:27:17,480 Speaker 2: channel on YouTube. To see the show weekday mornings from 568 00:27:17,520 --> 00:27:20,760 Speaker 2: seven to ten am Eastern from our global headquarters in 569 00:27:20,840 --> 00:27:24,560 Speaker 2: New York City. Subscribe to the podcast on Apple, Spotify, 570 00:27:24,880 --> 00:27:28,440 Speaker 2: or anywhere else you listen, and always on Bloomberg Radio, 571 00:27:28,640 --> 00:27:31,840 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app.